Blog Post

(New Delhi, May 23, 2017) The debt-laden Ballarpur Industries Ltd (BILT) may get a cash infusion of Rs. 400 crores from Edelweiss ARC for itself and its subsidiaries, Live Mint reported last month. BILT is reported to be saddled with an estimated consolidated debt of over Rs6,000 crore.
As per the Live Mint report [dated April 23], Edelweiss Asset Reconstruction Co., which acquired a large portion of BILT Graphic Paper Products Ltd’s loans, is in talks to infuse as much as Rs400 crore into the cash-strapped company, the news report said quoting unnamed sources.
BILT Graphic has a consolidated debt of over Rs 6,300 crore, the company’s latest corporate filings show.
The Economic Times (ET) in a related news report, dated April 04, claimed that ICICI and Axis Bank have sold there Rs 1800 crore of loans of Ballarpur to Edelweiss.
As per the ET news report that this is “possibly the first instance of a potential bad loan being sold off. It’s also the first time, as per the news report, that loans have been sold to an asset reconstruction firm at book value without a haircut. Axis Bank sold loans of Rs.1,200 crore and ICICI Bank sold loans of Rs.600 crore.”To read the complete Live Mint report Go To: Edelweiss ARC begins BILT Graphic loan recast, may infuse Rs400 croreTo read the complete ET report Go To: ICICI, Axis Bank sell Rs 1800 crore of loans to Ballarpur to Edelweiss(Source: Live Mint & Economic Times)